’Fasten your seatbelts’— BTIG strategists warn of coming turbulence
Stocktwits - Indian markets opened higher on Wednesday, tracking positive global cues after a fragile ceasefire between Iran and Israel came into effect.
At 9:45 a.m. IST, the Nifty 50 traded 148 points higher at 25,192, while the Sensex rose 512 points at 82,567. Meanwhile, the India Volatility Index (VIX), a key gauge of market fear, fell over 2%.
Broader markets gained ground, with the Nifty Midcap index rising 0.5%, and the Smallcap index surging over 1%.
The retail sentiment on Stocktwits for Nifty remained ‘bullish’.
Nifty sentiment and message volume on June 25 as of 10:00 am IST. | source: StocktwitsSectorally, all sub-indices traded in the green, with strong buying in FMCG, oil & gas, and IT stocks.
Aurobindo Pharma (NSE:ARBN) rose 1% after its arm received approval from the UK drug regulators for a cancer drug.
KEC International (NSE:KECL) shares surged over 4% after the company bagged new orders worth ₹1,236 crore for projects in India.
Some notable movers were driven by positive brokerage notes. IndiaMART (NSE:INMR) surged 6% on the back of a double upgrade from Nuvama. They have changed their rating to ‘Buy’ from ‘Reduce’ and raised their target price to ₹3,800, indicating a 52% upside.
MCX rose 5% after UBS raised its target price to ₹10,000, indicating 21% upside. And Indian Hotels (NSE:IHTL) rose 2% as JPMorgan (NYSE:JPM) initiated coverage with an "overweight" rating, with a target price of ₹890, implying a potential upside of 17%.
HDB Financial Services, the retail lending arm of HDFC Bank (NSE:HDBK), launched its 12,500 crore initial public offering (IPO), with a price band of ₹700–₹740 per share.
Financial Independence recommends the HDB IPO for long-term investors, given its strong backing, solid financials, and fair valuations. They can apply for steady growth potential. However, they advise short-term investors to stay away as most of the issue is OFS, and listing gains may be limited.
From a technical standpoint, SEBI-registered analysts on Stocktwits shared the trade setup.
Prabhat Mittal pegged immediate support for the Nifty at 25,000 and resistance at 25,300, while he placed Bank Nifty support at 56,200 and resistance at 56,900.
A&Y Market Research sees Nifty intraday resistance between 25,187-25,238 and support between 24,746-24,811. For Bank Nifty, they peg resistance at 56,467-56,510 and support at 55,930-56,050.
Sameer Pande pegged Nifty support between 24,800 and 24,500, with resistance at 25,200.
Globally, Asian markets traded higher, while crude oil prices rose on Wednesday, after a sharp decline in the previous two sessions as investors assess the ceasefire between Iran and Israel.